Nakheel, developers of The Palm and IFA Hotels & Resorts, a subsidiary of Kuwait based International Financial Advisors (IFA), have announced that the 780 freehold apartments on their joint venture Golden Mile, on the Palm, Jumeirah were sold within 48 hours of them being placed on the market.

Sultan Bin Sulayem, Chairman of Nakheel said: "We are pleased with the achievement which demonstrates the successful partnership between Nakheel and IFA. Buyers have come from all over the world, it proves that there is international confidence in The Palm project and in Dubai as a growing, safe destination and one in which investment will bring solid returns."

The Golden Mile - an international shopping and residential destination which covers 60,000 square metres - is a flagship project on the prestigious Palm, Jumeirah, an offshore island being built off the coast of Dubai in the United Arab Emirates.

Jassim M Al Bahar, Chairman and Managing Director, IFA commented: "This is an unprecedented market reaction; we are delighted with the response and look forward to future joint cooperation with Nakheel."

The Golden Mile apartments, to be housed in two waterfront buildings, went on sale this week at Arabian Travel Market 2004, the Middle East's premier travel and tourism show at prices ranging from US $250,000 for a one-bedroom, garden-view unit to $550,000 for the high-end waterfront three-bedroomed properties.

Wahid Attalla, Nakheel's Executive Director, Commercial & Operations remarked: "The response to the sales of both the Golden Mile properties and The World over the past few days demonstrates and mirrors the continuous demand for the Palm properties since the project was launched."

James Wilson, President & COO IFA Hotels & Resorts said: "The apartments have been designed with stunning waterside views, spacious, private patios, iconic architecture, luxurious interior design and access to the recently announced beachside Fairmont Palm Hotel & Resort.

"The ATM has been the ideal launch platform for the Golden Mile properties with both international and regional markets present in Dubai for the week which has greatly assisted in the launch. The take up by the market demonstrates the interest in our comprehensive property services, added to the fact that Nakheel is a world class developer."

The Palm Golden Mile residents will also be provided with an extensive range of services, including owners' reception and concierge, housekeeping, maintenance, security and excellent maid and childcare services.

The Golden Mile will cover one whole side of The Palm, Jumeirah's trunk and will include a 1.5 kilometre waterside Corniche. Being developed at a cost of US $300 million it comprises luxury apartments and 220 upscale boutique shops and restaurants.

"The Golden Mile is another world-class project which will significantly contribute to achieving Dubai's vision of building an inbound tourism arrivals target of 15 million tourists by 2010," said Al-Bahar.

"The shops, restaurants, apartments and penthouses will be supported by an international hotel company, providing comprehensive property services. The Golden Mile will be an inclusive destination in its own right.

"The rapid pace of sales is not just evidence that this destination is now one of the world's most sought-after addresses, but also a tribute to the vision of His Highness General Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, and a clear demonstration of the global support that vision is now receiving,"